What is the difference between UNCERTAINTY and RISK

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January 11th, 2018

What is the difference between UNCERTAINTY and RISK?2. What makes pivot tables so powerful?3. What is the range of numbers for PROBABILITY?4. Can I have a probability of 1.2, -.1, or .5?5. What is the rule of COMPLEMENTS in probability and what is theNOTATION?6. What does MUTUALLY EXCLUSIVE mean and provide an example?7. Provide an explanation and example of EXHAUSTIVE EVENTS?8. What are CONDITIONAL PROBABILITIES, provide the formula, and give anexample?9. From the CONDITIONAL PROBABILITY FORMULA, find the formula forthe MULTIPLICATION RULE that pertains to CONDITIONALPROBABILITIES?10. Please describe what PROBABILISTICALLY INDEPENDENT EVENTSmean and what is the MULTIPLICATION RULE for INDEPENDENT EVENTS?11. What is RELATIVE FREQUENCY and the LAW OF LARGE NUMBERS?12. What is the difference between OBJECTIVE and SUBJECTIVEPROBABILITIES and why would we worry about both?13. How would one use SENSITIVITY ANALYSIS to help make a decision whenthe probabilities are SUBJECTIVE?14. DISCRETE versus CONTINUOUS, please explain.15. What is the CUMULATIVE PROBABILITY, give an example?16. What is the expected value of a PROBABILITY DISTRIBUTION?17. What is the VARIANCE of a PROBABILITY DISTRIBUTION, theFORMULA, and give an example?18. UNBOUND and BOUNDED DISTRIBUTION, and DISCRETE andCONTINUOUS DISTRIBUTION? Give examples of each type of distribution.19. TWO-PARAMETER versus GREATER THAN TWO PARAMETERS: pleaseexplain.20. STANDARD NORMAL DISTRIBUTION, please describe and tell me what ison the y axis?21. When would you use the NORMAL, BINOMIAL, POISSON, andEXPONENTIAL DISTRIBUTIONS?22. How does one use the Z SCORE to make decisions?23. If the distribution of a population is not normally distributed, how would youstill use the Z SCORE?

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